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Nov 26, 2012
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make these decisions, and in january, we'll see an economy that will take off. we can focus on the greatness of this country january 1st if we'll go ahead and do the work that we all know we have plenty of time to get done this year. >> senator corker norah o'donnell. >> let's talk about the specifics of your plan. everybody acknowledges you need about $4 trillion in deficit reductions. you don't want to raise taxes, additional revenue by simply capping deductions at $50,000. >> right. >> independent analysis by the tax policy center says that only gets you about $760 billion. it's not enough money. how do you get more revenue? >> well the package that i've laid out has over $1 trillion in revenues that has the 750 you just alluded to but we also do chained cpi, and in that you not only reduce the rate which benefits growth but moves people into brackets more quickly. also social security was set up to capture 90% of the wages in our country. now it's at 84%. move that up gradually through 2050, it generates a lot more revenue. there's over $1 trillion in this p
make these decisions, and in january, we'll see an economy that will take off. we can focus on the greatness of this country january 1st if we'll go ahead and do the work that we all know we have plenty of time to get done this year. >> senator corker norah o'donnell. >> let's talk about the specifics of your plan. everybody acknowledges you need about $4 trillion in deficit reductions. you don't want to raise taxes, additional revenue by simply capping deductions at $50,000....
546
546
Nov 29, 2012
11/12
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econill hurt our economy. approach.y this is not the right r: toach. anythis impasse is one of many geithnerreasury secretary tim geithner, mr. obama's lead with t negotiator, will have meetings e bowlesth top congressional thisrs. othpson bowles met with all the ue.yers at both ends of 'mnnsylvania avenue. >> i'm not more optimistic or less optimistic. puthopeful but don't put me e nearnywhere near the optimistic category. tove got a long way to go and a likefew days to get it done. >> lindsey graham from south carolina have offered to break a revenueax increase pledge and ntise revenue as part of a deal but graham now is pulling back until the president offers ntitlement reform. a i've not seen one deal from country downouse that deal with medicare, medicaid and social security which are all going to fail and take this country down the road of grief. and until i hear something from the white house on that, i'm not going to say another thing on revenue. >> mr. obama will meet with his v vanquished republican rival, mitt romney. it's been several weeks
econill hurt our economy. approach.y this is not the right r: toach. anythis impasse is one of many geithnerreasury secretary tim geithner, mr. obama's lead with t negotiator, will have meetings e bowlesth top congressional thisrs. othpson bowles met with all the ue.yers at both ends of 'mnnsylvania avenue. >> i'm not more optimistic or less optimistic. puthopeful but don't put me e nearnywhere near the optimistic category. tove got a long way to go and a likefew days to get it done....
507
507
Nov 22, 2012
11/12
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reporter: both men say the failure to reach a fiscal cliff compromise this year would risk the entire economy. the good news, they say, is that congress and the president seem to agree on that. for cbs this morning, wyatt andrews, washington. >> that's an interesting piece. because everybody i know in washington involved in this thing looks at simpson/bowles as the model they should work off of. >> it's interesting to go back where we started two years ago. grab your shorts. >> they've got more support at the time. looking at different circumstance today. there's something that's not on the chopping block in washington. president obama pardoned cobbler and his alternative gobbler in an annual white house tradition. the president said yesterday that life's all about second chances. americans have been giving holiday turkeys to the white house since the 1800s. president eisenhower and president lyndon johnson ate the turkeys they were given. >> what are their names? >> cobbler and gobbler. >> cobbler and gobbler. okay. >>> hundreds of families in the chicago are getting turkey this thanksgiving
reporter: both men say the failure to reach a fiscal cliff compromise this year would risk the entire economy. the good news, they say, is that congress and the president seem to agree on that. for cbs this morning, wyatt andrews, washington. >> that's an interesting piece. because everybody i know in washington involved in this thing looks at simpson/bowles as the model they should work off of. >> it's interesting to go back where we started two years ago. grab your shorts....